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The Companies (Model Articles) Regulations 2008
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Non-cash distributionsU.K.
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76.—(1) Subject to the terms of issue of the share in question, the company may, by ordinary resolution on the recommendation of the directors, decide to pay all or part of a dividend or other distribution payable in respect of a share by transferring non-cash assets of equivalent value (including, without limitation, shares or other securities in any company).
(2) If the shares in respect of which such a non-cash distribution is paid are uncertificated, any shares in the company which are issued as a non-cash distribution in respect of them must be uncertificated.
(3) For the purposes of paying a non-cash distribution, the directors may make whatever arrangements they think fit, including, where any difficulty arises regarding the distribution—
(a)fixing the value of any assets;
(b)paying cash to any distribution recipient on the basis of that value in order to adjust the rights of recipients; and
(c)vesting any assets in trustees.
Commencement Information
I1Sch. 3 art. 76 in force at 1.10.2009, see reg. 1
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